QUOTES AND PERFORMANCE

The life companies that offer withprofit annuities, including Sanlam’s Complete Picture Pension, provided Personal Finance with quotes and performance figures for their products.

The quotes are for the net (after-costs) monthly income on a purchase price of R1 million for a man aged 65 years and his wife aged 62, using a 2% purchase/discount rate, which targets (but does not guarantee) increases in line with inflation. The date of purchase is April 25, 2017, with the first pension increase in May 2018. The pension continues at a rate of 75% if the member dies, until the member’s spouse’s death. Note that income from an annuity is subject to income tax. Just: R5 639.65 Momentum: R5 516.44 Old Mutual: R5 769.72 Sanlam: R5 028.80